Changes to requirements for appointment of auditors

MIRA has brought changes to the requirements of different categories of MIRA approved auditors via Tax Ruling TR-2015/B39.

The extent of audit or assurance experience required of a Category C auditor has been lowered. If a person with a post graduate qualification in a relevant field has 1 year audit or assurance experience, they will fulfill the experience requirement for this category. Previously, 2 years of experience was required. And the experience required for undergraduate applicants from the relevant field has been lowered from 5 to 3 years.

Additionally, a person with relevant qualification with 5 years of experience will qualify as a Category B auditor upon completing 2 years as a Category C auditor. If a partnership is being registered as a Category B auditor, at least one of the partners must be a Maldivian citizen.

The objective of changing the requirements of the categories is to give more professionals in the field an opportunity to work as MIRA-approved auditors and to give registered auditors a pathway to move ahead in the field.

The tax ruling also clarifies what can be considered as audit or assurance experience. According to the ruling, “experience in audit or assurance services” means experience gained directly from external auditing of financial statements and internal auditing, and does not include other accountancy or advisory services.

The ruling also specifies that all auditors registered at MIRA are required to submit an annual report to MIRA by 31st March of the following year. The report must contain details of the work done by the auditor during the year, in a format prescribed by MIRA.

14 Jan 15